the commission which is outstanding
the services for which you have been paid but you haven't rendered it yet !!
a booth that makes commission
The total commission amount should be in the listing agreement. If your listing agent has agreed to sell your home for 6% and another agent decides to buy it, your listing agent is responsible for paying that agent's commission out of the 6% commission you have agreed to pay them for procuring a buyer. They are not allowed to unilaterally demand a separate commission for the other agent. If they try to force you to pay extra commission above the original amount you agreed to pay you should contact that agent's broker in charge. If you do not get satisfaction from the broker in charge then contact your state's Real Estate Commission and complain long and loudly.
A real estate broker can waive a commission at will.
Types of Commissions:1. Base plus commissions- It involves receiving a pre-determined base salary plus some type of commission on the sales you actually make.2. Draw against commission- type of compensation plan is totally commission based.3. Residual commissions- Earning residual commissions is a salesperson's dream, because as long as their accounts are generating revenue for the employer, the salesperson continues to receive a commission.4. Salary plus bonus- this is the method of compensation you agree upon, you'll receive a pre-determined salary each pay period that is not impacted by your performance.5. Salary plus commission- This is the same as a "base plus commission" compensation structure.6. Straight commission- type of compensation can be a bit risky, since you only get paid based on how much you sell.7. Straight salary - you'll earn a straight salary that is in no way impacted positively or negatively by your sales performance.8. Variable commission- This type of commission structure is similar to a straight commission, however, the commission rate you're paid goes up or down based on pre-determined circumstances.
Commission
yes
liability
If Advance Commission paid: [Debit] Prepaid Commission xxxx [Credit] Cash/Bank xxxx If advance commission received: [Debit] Cash/Bank xxxx [Credit]Unearned Commission xxxx
Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.
Unearned Fees appear on the
credit to unearned revenue
The keyword is "Unearned", because it is unearned it is a liability until after it is earned and is listed as such. Therefore, Unearned Revenue will be listed on financial statements that include "Liabilities".
Unearned Revenue is a liability account.
debit unearned incomecredit services liability
unearned
land rent is an unearned income
Unearned Revenue is a Liability Account